P&P Quarterly Reports
August 6, 2001 By Pulp & Paper Canada
MONTREAL, QC – Abitibi-Consolidated announced second quarter earnings of $108 million, or $0.25 per common share, on sales of $1.5 billion. This is a significant improvement over the same period last year in which earnings were $61 million, or $0.15 a share on sales of $1.5 billion. Earnings in the first quarter of 2001 were $132 million, or $0.30 a share on sales of $1.7 billion. Earnings in the first half of 2001 were $240 million, compared to $112 million for the first six months of 2000.
GREENVILLE, SC – Bowater reported financial results for the second quarter of 2001. Net income for the second quarter was US$18.6 million, or $0.36 per diluted share on sales of $582.2 million. These results compare with net income of $33.7 million, or $0.63 per diluted share on sales of $607.6 million in the second quarter of 200. Included in the 2001 net income is a $19.4 million, or $0.37 per diluted share gain, related to asset sales and a $11 million or $0.21 per diluted share loss, resulting from foreign currency changes. Before these two items, net income was $0.20 per diluted share.
KINGSEY FALLS, QC – Cascades announced net earnings of $43 million ($0.52 per share) for the second quarter ended June 30, 2001, compared to $24 million ($0.36 per share) for the same period in 2000. Net sales increased by 5.2% during the second quarter of 2001 amounting to $754 million, compared to $717 million for the same period last year. Earnings before interest, taxes, depreciation and amortization amounted to $90 million for the period, compared to $89 million a year earlier.
Montreal, QC – Domtar announced net earnings of $76 million or $0.42 per common share for the second quarter of 2001, compared to $61 million or $0.33 per common share for the corresponding period of 2000. The operating profit reached $88 million compared to an operating profit of $120 million for the second quarter of 2000. Net sales reached $944 million versus $832 million for the same period last year.
MONTREAL, QC – Norampac reported net earning of $26 million for the second quarter of 2001, compared to net earning of $27 million for the same quarter in 2000. Sales for the quarter were $307 million compared to $297 million for the same period in 2000. Earnings before financial expenses, taxes, depreciation and amortization amounted to $55 million in the second quarter compared to $66 million for the same period in 2000.
Paperboard Industries International
MONTREAL, QC – Paperboard Industries International Inc. recorded net sales of $219 million for the second quarter ended June 30, 2001, compared to $198 million for the corresponding quarter of 2000. Earnings before interest, taxes, depreciation and amortization stood at $21.5 million for the first quarter, compared to $17.5 million for the corresponding quarter of 2000 and $20.8 million for the first quarter of 2001. The increase in revenue is mainly due to the recent acquisition of a folding carton plant in western Canada. The improved profitability is principally explained by increased margins and productivity of its European boxboard facilities.
Smurfit-Stone Container Corp.
CHICAGO, IL – Smurfit Stone reported income from continuing operations before extraordinary item of US$17 million, or $0.06 per diluted share, for the second quarter of 2001, compared to $31 million, or $0.14 per diluted share, in the second quarter of 2000. Results include a $4 million pretax restructuring charge ($0.01 per share) related principally to the shutdown of a boxboard machine in Los Angeles. Sales for the three-month period were $2 115 million, down from $2 191 million in the second quarter of 2000.
HELSINKI, FINLAND – Stora Enso Oyj announced results for the second quarter ended June 30, 2001. Sales for the quarter at EUR 3 388.4 million were about 7% less than the previous quarter’s EUR 3 637.0 million. The operating profit excluding non-recurring items was EUR 346.4 million which is 33.8% less than the previous quarter’s EUR 523.0 million and 10.2% of sales. The reduction was attributable to decreased sales volumes owing to production curtailments of 558 000 tonnes, of which 342 000 were market-related (205 000 tonnes in the first quarter). The profit before tax and minority interests excluding non-recurring items was EUR 248.3 million (EUR 429.5 million in previous quarter). Foreign exchange losses decreased the second quarter profit by EUR 44 million.
MONTREAL, QC – Consolidated gross sales for the three months ended June 30, 2001, reached $729.5 million, a 6% increase from $686.2 million in the comparable period last year and a small decrease from the previous quarter sales figure of $739.4 million. Operating earnings totalled $61.5 million, down from $125.4 million a year ago and from $73.7 million in the prior quarter. The Company generated net income applicable to common shareholders of $2.0 million ($0.02 per share), compared to $64.5 million ($0.80 per share) in the corresponding quarter ended June 24, 2000, and down from $20.6 million ($0.26 per share) in the previous quarter.
FEDERAL WAY, WA – Weyerhaeuser reported second quarter net earnings of US$171 million, or $0.78 per share, on net sales of $3.9 billion. This compares with $203 million, or $0.89 per share, on sales of $4.2 billion for the second quarter of 2000.
Net earnings for second quarter 2001 include a gain of $0.07 per share for a one-time reduction in deferred taxes due to a lower Canadian corporate tax rate and $0.03 per share charge for costs associated with Westwood Shipping Line’s transition to a new charter fleet. Last year’s second-quarter earnings include an after-tax charge of $0.36 per share to cover estimated costs of a nationwide class action settlement and claims related to hardboard siding.
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